Core Viewpoint - Jinbo Co., Ltd. has been recognized for its exemplary practices in investor communication, being included in the "Best Practices for 2024 Annual Report Performance Briefing" by the China Listed Companies Association [1][3]. Group 1: Company Recognition - Jinbo Co., Ltd. was selected for its standardized and innovative investor communication practices [1]. - The recognition serves as a benchmark for corporate governance and investor relations management in China's listed companies [3]. Group 2: Investor Communication Practices - The company emphasizes investor relations management through various channels, including the Shanghai Stock Exchange E-Interaction platform, performance briefings, investor meetings, and social media [3]. - Jinbo Co. actively participates in investor reception days and engages in activities that promote transparency and communication of its operational dynamics, strategic layout, and social responsibilities [3]. Group 3: Future Plans - The company plans to explore diversified investor communication models, focusing on investor needs and optimizing information disclosure and value transmission mechanisms [3]. - Jinbo Co. aims to deepen investors' understanding and recognition of its core values, fulfilling its responsibilities as a listed company and contributing to the high-quality development of the capital market [3].

Core Insights - The Essen Motor Show in Germany showcased Hunan Jinbo Carbon Co., Ltd.'s carbon-ceramic brake pads, attracting significant attention from the European automotive market [1] - The European Commission proposed the "EU Stage 7 Emission Standards," which aims to reduce brake particle emissions from 7 mg/km to 3 mg/km for new vehicles, creating a demand for low-cost, high-efficiency alternatives [1] Group 1: Company Developments - Jinbo's carbon-ceramic brake pads offer a lifespan of up to 500,000 kilometers, with some premium products reaching 800,000 kilometers, and emit only one-tenth of the particles compared to traditional cast iron brake pads [2] - The company is positioned to meet the needs of EU automotive manufacturers seeking reliable and efficient components as they adapt to stricter emission standards [3] Group 2: Industry Trends - The demand for low-cost and high-reliability automotive components is increasing among EU manufacturers, presenting an opportunity for Chinese automotive parts suppliers to strengthen their market position [3] - The collaboration between China and the EU in the automotive supply chain is expected to deepen, especially as China develops its own Stage 7 vehicle emission standards [3] Group 3: Technological Insights - An alternative to traditional brake pads is the laser cladding brake pad, which faces challenges such as coating defects, complex processing, and lower high-temperature performance compared to carbon-ceramic materials [2] - The long-term durability of laser cladding brake pads is significantly inferior to that of carbon-ceramic brake pads, which can operate without replacement under normal conditions [2]

Core Insights - Multiple listed companies are focusing on the silicon-carbon anode sector, with products entering small-scale testing and actively advancing pilot production [1] - The silicon-carbon anode material is expected to experience rapid growth, with a significant boom anticipated in 2026 [1] Company Developments - Jiangxi Hengda High-tech Co., Ltd. reported that its silicon-carbon anode project is progressing well, achieving small-scale supply, with a thousand-ton production line in installation and debugging [1] - Zhenjiang Dongfang Electric Heating Technology Co., Ltd. is manufacturing production equipment for silicon-carbon anodes [1] - Hunan Zhongke Electric Co., Ltd. is investing in the silicon-carbon anode sector, with existing products passing evaluations from multiple clients and set to enter mass production [1] - Shanghai Xiangfenghua Technology Co., Ltd. has delivered silicon-carbon anode products for testing to several battery manufacturers, planning small-scale trial production in 2025 [1] Industry Insights - Silicon-carbon anodes offer significant advantages, including a theoretical capacity over ten times that of traditional graphite, enhancing the endurance of electric vehicles and consumer electronics [2] - The main challenge for silicon-carbon anodes is their high cost, with premium products priced about eight times higher than traditional graphite [2] - Companies are focusing on reducing costs, particularly in the porous carbon segment, which constitutes 40% to 80% of the total cost [2] - The two main production pathways for porous carbon are high-priced resin and biomass materials, each with distinct advantages and disadvantages [2] - The industry anticipates that 2026 will be a pivotal year for technological breakthroughs in silicon-carbon anodes, with costs potentially becoming competitive with traditional graphite [3]

| 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | | 12.00 | 346.56 | 28.88 | 0.14 | 中信建投证券股份有限公司 | 中信建投证券股份有限公司 | | | | | | 长沙市芙蓉中路证券营业部 | 长沙市芙蓉中路证券营业部 | （文章来源：证券时报网） 金博股份11月25日大宗交易平台出现一笔成交，成交量12.00万股，成交金额346.56万元，大宗交易成交 价为28.88元，相对今日收盘价溢价0.14%。该笔交易的买方营业部为中信建投证券股份有限公司长沙市 芙蓉中路证券营业部，卖方营业部为中信建投证券股份有限公司长沙市芙蓉中路证券营业部。 两融数据显示，该股最新融资余额为5.94亿元，近5日减少898.16万元，降幅为1.49%。（数据宝） 11月25日金博股份大宗交易一览 证券时报·数据宝统计显示，金博股份今日收盘价为28.84元，上涨0.14%，日换手 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 反崇垫五日思 025-11-25 | 金博股份 | 688598 | 28.88 346.56 | 12 | 我想要曾是多年度 | 甜點點點 | ко | 11月25日，金博股份大宗交易成交12万股，成交额346.56万元，占当日总成交额的3.87%，成交价28.88 元，较市场收盘价28.84元溢价0.14%。 ...

Core Insights - Jinbo Carbon Co., Ltd. has received recognition from clients in the photovoltaic, hydrogen energy, and automotive sectors for its products, processes, and technologies [1] - The company was awarded the "Value Partner Award" by Tongwei Co., Ltd. during the 8th China International Photovoltaic and Energy Storage Industry Conference, highlighting its comprehensive strength and innovative value in the photovoltaic materials sector [1] Group 1 - On November 20, Jinbo's subsidiary, Hunan Jinbo Hydrogen Energy Technology Co., Ltd., signed a strategic cooperation framework agreement with Zhejiang Fengyuan Hydrogen Energy Technology Co., Ltd. to collaborate on key materials for fuel cells, product validation, and domestic application [2] - Fengyuan Hydrogen Energy, established in May 2018, holds over 150 patents related to fuel cells, including more than 100 invention patents, and provides hydrogen energy solutions for vehicles and power stations [2] Group 2 - From November 19 to November 21, a team of experts from Mercedes-Benz Group AMG conducted a comprehensive audit of Jinbo, focusing on production process compliance, product quality control, supply chain management, and after-sales service standards [2] - The AMG experts visited Jinbo's research institute and evaluated the company's performance in quality control, technology application, and order delivery, providing positive feedback and recognition [2][4]

Group 1 - The core point of the news is that Jinbo Co., Ltd. experienced a 5.02% decline in stock price, closing at 30.30 yuan per share, with a total market capitalization of 6.289 billion yuan [1] - Jinbo Co., Ltd. was established on June 6, 2005, and went public on May 18, 2020. The company specializes in the research, production, and sales of advanced carbon-based composite materials and products [1] - The main revenue composition of Jinbo Co., Ltd. includes products for the lithium battery sector at 48.39%, photovoltaic and semiconductor sectors at 26.09%, transportation sector at 24.88%, and other supplementary products at 0.65% [1] Group 2 - Among the top ten circulating shareholders of Jinbo Co., Ltd., a fund under Invesco Great Wall is notable. The Invesco Great Wall New Energy Industry Stock A (011328) reduced its holdings by 3,308 shares in the third quarter, now holding 4.1106 million shares, which is 2.01% of the circulating shares [2] - The Invesco Great Wall New Energy Industry Stock A (011328) was established on February 22, 2021, with a latest scale of 2.468 billion yuan. Year-to-date returns are 33.18%, ranking 1468 out of 4212 in its category, while the one-year return is 31.54%, ranking 1295 out of 3956 [2]

Core Viewpoint - Jinbo Co., Ltd. has experienced a stock price decline of 2.02% on November 17, with a current price of 31.45 CNY per share, despite a year-to-date increase of 49.34% [1] Financial Performance - For the period from January to September 2025, Jinbo Co., Ltd. achieved a revenue of 618 million CNY, representing a year-on-year growth of 40.34%. However, the net profit attributable to shareholders was -276 million CNY, a decrease of 88.84% compared to the previous year [2] - Cumulative cash dividends since the A-share listing amount to 104 million CNY, with 23.52 million CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 7.13% to 14,300, while the average circulating shares per person decreased by 6.66% to 14,262 shares [2] - The top ten circulating shareholders include notable entities such as Invesco Great Wall New Energy Industry Fund and Hong Kong Central Clearing Limited, with some shareholders reducing their holdings [3] Business Overview - Jinbo Co., Ltd. specializes in the research, production, and sales of advanced carbon-based composite materials, with its main revenue sources being lithium battery products (48.39%), photovoltaic and semiconductor products (26.09%), and transportation products (24.88%) [1] - The company is categorized under the power equipment industry, specifically in photovoltaic equipment and materials, and is associated with concepts such as silicon carbide and third-generation semiconductors [1]

Core Insights - The company reported a revenue of 618 million yuan for the first three quarters of 2025, representing a year-on-year growth of 40.34% [1] - The net profit attributable to shareholders was -276 million yuan, indicating a loss [1] - In Q3 2025, the company achieved a revenue of 207 million yuan, showing a significant year-on-year increase of 113.14%, but a quarter-on-quarter decline of 17.39% [1] Financial Performance - The company maintained a high R&D expenditure of 36 million yuan in Q3 2025, while other expenses related to sales, management, and finance remained stable [2] - The gross profit margin for Q3 2025 was -6.8%, reflecting the impact of reduced revenue from the photovoltaic sector and decreased operating rates [2] - The company recognized an asset impairment loss of 3.8 million yuan [2] Strategic Focus - The company is deeply engaged in the advanced carbon-based materials sector, focusing on the industrialization platform strategy and expanding applications in transportation and lithium battery fields [2] - To address intense market competition, the company is implementing quality improvement, cost reduction, and efficiency enhancement measures, while maintaining a high proportion of R&D investment [2] - The company is actively adjusting its market focus to enhance the market expansion of new business areas and diversify its advanced carbon-based material products [2] Future Outlook - The ongoing recovery in silicon wafer prices and profitability is expected to improve the company's thermal field profits as the photovoltaic sector continues to evolve [2] - The company is committed to ongoing innovation in new products and technologies, particularly in promoting carbon-ceramic brake discs, lithium battery thermal field components, and porous carbon products [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company has reported a clear bottom in profitability and is awaiting the ramp-up of new business [5] - In the first three quarters of 2025, the company achieved revenue of 618 million yuan, a year-on-year increase of 40.34%, while the net profit attributable to the parent company was -276 million yuan [5][6] - In Q3 2025, the company recorded revenue of 207 million yuan, representing a year-on-year growth of 113.14%, but a quarter-on-quarter decline of 17.39%, with a net profit of -108 million yuan [5][6] Summary by Sections Company Overview - The company focuses on advanced carbon-based materials and aims to expand applications in transportation and lithium batteries, driving overall revenue growth [12] - New business segments in lithium batteries and transportation are expected to maintain high growth, although revenue from the photovoltaic sector has decreased [12] Financial Performance - The company reported a gross margin of -6.8% in Q3 2025 due to a competitive market environment and operational challenges [12] - R&D expenses for Q3 2025 were 36 million yuan, while other expenses remained stable [12] - The company recognized asset impairment losses of 38 million yuan [12] Future Outlook - The ongoing progress in photovoltaic industry restructuring is expected to restore profits in the silicon wafer segment [12] - The company is actively promoting new products and technologies, focusing on carbon-ceramic brake discs, lithium battery thermal components, and porous carbon, with potential for future volume growth [12]